When is the Best Time to Renew Your Bike Insurance?

Understanding Your Bike Insurance Policy Term

Every bike insurance policy, whether short-term or long-term, has a specific policy term and expiry date. Renewing before this date is essential to maintain continuous coverage.

Best Time to Renew Your Bike Insurance

Whether you purchase a long-term bike insurance plan or a short-term plan, both have an expiry date. You have to renew it before the end of the policy term. Here is a list of situations discussed below to help you understand the best time for bike insurance renewal:

1. In the case of a Short-term Bike Insurance Plan

   The ideal time to renew an annual plan is within 15 to 30 days of the mentioned expiry date in your policy documents. For example, if your bike insurance policy is valid for 20 December 2022, the best time to renew the policy starts from 20 November 2022.

2. In the Case of a Long-term Bike Insurance Plan

   If you want to remove the hassle of renewing the bike insurance plan annually, opting for a long-term or multi-term 2-wheeler insurance policy is best. In thiscase, also, you can renew the bike insurance plan 15-30 days before the due date.

Can I Renew Bike Insurance Policy Before Expiry Date?

Yes, absolutely! It's not only possible but also highly recommended to renew your bike insurance before the expiry date. Renewing early ensures continuous coverage, prevents a lapse in your policy, and helps you avoid the negative consequences associated with driving without insurance.

Significance of Grace Period in Bike Insurance Policy

If you forget the due date due to any reason, the very first thing you will need to do is to check the grace period by which you can renew your bike insurance plan. A grace period is an extension given by several insurers to policyholders if their renewal date has expired. In most cases, this grace period is 30 days. However, some insurers might offer more than 30 days so it's best to confirm with them.

During this grace period, the policy is considered null and void, i.e., the insurer will not accept any claim requests raised during the grace period.

Is it Necessary to Renew Bike Insurance?

Yes, renewing your bike insurance is absolutely necessary. It's not just a good idea; it's a legal requirement in India. Here is a list of consequences that you might face if you do not renew a policy on time:

• Loss of Coverage: Your policy becomes null and void, leaving you completely unprotected. This means the insurer will not cover any damages, injuries, or liabilities.
• Financial Burden: You become personally responsible for all costs associated with an accident, including damage to your bike, third party, and medical expenses for yourself.
• Legal Repercussions: Driving without a bike policy is illegal in India. You could face fines up to ₹2,000, legal penalties, and even imprisonment of up to 3 months.
• No Claim Bonus (NCB) Loss: If you let your policy lapse, you will lose any accumulated NCB, leading to higher premiums when you eventually renew.
• Third-Party Liability: You're not only risking your own finances but also those of others. Without a third-party bike insurance policy, you are personally liable for any damages or injuries you cause to third parties.
• Zero Comprehensive Coverage: If you do not renew your comprehensive bike insurance policy, you lose all its benefits, including coverage for damage to your own bike, theft, natural calamities, man-made disasters, etc.

In essence, an expired bike insurance policy leaves you completely vulnerable, both on the road and in the eyes of the law. Henceforth, renewing your policy on time is crucial for your financial security and peace of mind.

What Not to Miss While Renewing Bike Insurance Online?

To keep your policy coverage intact, you should renew it before the expiry date. Here are things to keep in mind before renewing your two-wheeler insurance:

• If you have only mandatory third-party liability insurance, you can choose a wider coverage by opting for a comprehensive bike insurance policy at the time of renewal. You can also buy add-on covers with your comprehensive plan and enhance your policy coverage.
• If you are looking for any modifications in your vehicle, the best time to do this is during policy renewal. However, before going for any makeover in your two-wheeler, always inform your insurer. The insurer will include this point while calculating the revised bike insurance premium.
• It's always good to have multiple options before buying or renewing your two-wheeler insurance online. So what better way to get started at Policybazaar.com? Here you will find and compare multiple bike insurance plans offered by insurers in India. Once you're satisfied with the options, coverage, budget, and other factors, you can buy the perfect plan for you.

6 Things to Consider While Renewing Bike Insurance Online

As mentioned above, renewal is the best time to enhance your bike insurance coverage. Below are a few pointers that you must consider while renewing your bike insurance online:

1. Inclusions and Exclusion
2. Claim Settlement Ratio
3. Availability of Add-on Covers
4. Network Garages
5. Customer Support Services
6. Terms & Conditions of the Bike Insurance Policy

Final Words

Renewing your bike insurance on time plays a significant role in receiving coverage and retaining other benefits, especially the No Claim Bonus or NCB. Make sure you don't miss your renewal date. However, if you have purchased it from Policybazaar.com, you will automatically get reminder calls and SMS alerts from the support team to avoid a policy lapse.